Bob Iaccino reviews the latest price action in Natural Gas futures, noting a significant intraday reversal for the November contract. After gapping higher to touch a high of $3.298, prices steadily dropped throughout the day to finish nearly 2% lower. Iaccino breaks down today's EIA report, which posted a build of 85 billion cubic feet—narrowing the supply surplus relative to the five-year average down to 68 billion cubic feet. Finally, he outlines the national weather outlook, discussing how high pressure systems are limiting near-term demand while a developing tropical system in the Gulf Coast may bring moderate demand in the coming days.
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